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UPDATE: Bank of America Downgrades Jiayuan.com to Underperform

Bank of America lowers its rating on Jiayuan.com (NASDAQ: DATE) to Underperform and trums its price objective to $6.60 (previously $13) as marketing cost pressure is expected to continue to plague the company.

Bank of America says, "We believe marketing costs will continue to pressure
costs in 2012, as the company tries to maintain user growth as well as to jump
start the activities on its wireless platform. We also believe competition is rising at
the low end where some websites are offering free dating services. In 4Q2011,
Jiayuan put more resources on its wireless platform, which is seen by
management as an important differentiation against its competitors, spending
meaningfully on wireless advertising."